Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I think we can expect a delay tmrw so a re-evaluation of assets can be done. We may see a pop tmrw but a bigger move when the evaluation is done. I think he increases the budget of the ad hoc committee without a full EC because of the full investigations the EC would implement.
They have openly discussed controlling the stock price and this does both.
Full EC will pop it by a couple bucks.
Sorry for your loss.
I don’t think there’s any rush to submit audited financials in bankruptcy. So they might be able to put it off for a little while.
Wouldn’t you want an EC rather than throwing out the bankruptcy if shareholders want a seat at the table?
If the company is not acting in the best interest of its shareholders, who would represent us if it’s dismissed?
I hope any new information just gives us a better bargaining chip and not elongate the process. Basically they tried to short or eliminate the shareholders by pleading insolvency. But hopefully any new information brings some dollars equity’s way.
Might be able to close that gap at .265 at this rate.
Have a link to the doc. Wondering what it says?
GM had government issues. Not a fair comparison.
So help me with something, did they hire the company to look over the evaluation and they are related. Or did the brother in laws firm do the evaluation sent to the court?
Looks like you get more shares...Lol.
What’s going Mark, give up on Jcp?
I’m thinking this is a possibility if the quarterly numbers keep increasing.
Yes but you need to factor in the Going Concern. That means the court is recognizing that Assets exceed liabilities, but will allow the reorganization to go forward.
Yeah I gotta feeling they will delay again on 9/10. I’ve seen no retailer have bad 2nd quarter online sales.
That’s the liquidation process. And we know there not liquidating. This is simply about evaluating assets in a going concern sale.
I hear ya, but if they get an outside litigating accounting firm to confirm their values. The judge might just have to accept it. I hope not. But it’s a dirty business when trying to steal the retirement for thousand. Just playing devil’s advocate.
Also this doesn’t sound like we’re In the “Red Zone”. Sounds like a few personal fouls set us back to the 50.
I’m thinking this may last longer than some people prefer. I was hoping the judges impatience would push this for a conclusion. But a formal EC would need time to review all the information and then you have to hope you haven’t chased the buyers off. Or the other option would be canceling the bankruptcy. But what would the share price be if they emerged from bankruptcy hopefully with shares intact.
But both would put us in Nov / Dec easily.
Yeah trading is a strong word. Six different people that I personally know have tried to buy these Jr bonds and they are not available.
But you are correct. All signs point to zero for equity.
For how much?
I think this Monday’s hearing is about the company defending the value of the assets.
Bob, remember what we had to go through to get an EC with Wamu, if it follows same path it gets denied upfront. Price drops below .10 and approved on appeal. They can push out earnings in bankruptcy so I don’t see why this has to close quickly.
Everyone’s stops will be taken out. Millions of shares will transfer.
Don’t know, but that’s where their all parked.
That’s a big wall, every MM is fighting to make sure it doesn’t go over .35
After they break that .35 wall it should run to .50 easily.
Covid, bad leases and bad intentions.
As long as no one goes to jail, why not try?
Oh my, we’re gonna fly soon.
I think he’s trying to avoid that all cost.
It would more time to the bankruptcy.
Hopefully news leaks this evening.
No in bankruptcy the law allows you to delay filings.
I told you they cannot release any surprises in bankruptcy. They can delay reports as long as needed. But no surprise pops in share price. If they needed to drop the price further, all they would have to do is release really bad numbers when all other on line retailers are showing increases.
Tutes? What’s that?
Retail numbers for the sector as a whole right? Not JC penny’s earnings correct?
Yeah but they sounded like their approaching the finishing line. Why would they delay this if a deal is made. Unless you think they would float the idea of an Full EC to try and get a better price. That would add months to the process.
No...I don’t think so.
I don’t know.
Your saying they were delayed from Covid?
Can’t have possibly good earnings in bankruptcy. You can expect bad earnings but surprisingly good ones would send stock price up and difficult negotiating.
That’s the confusing part. Wouldn’t they lower the rents on all the stores and improve JC penny’s bottom line?
That is the truth. Just think about the lawyer and his reputation. He was called out to prove his accusations and ran.
These letters are part of the permanent record and can be referenced back to.
Oh they won’t delay an announcement, but you cannot have an upswing of earnings in bankruptcy and a lowball offer. If time is of the essence, good earnings would put a crimp in their plans.
We wait...
Mark I also think the earnings were delayed because if by chance they were better than expected, that would cause the “Going Concern” to be even a bigger issue.
They can keep delaying the announcement till after the bankruptcy is over.
We should take it and run in this environment. Bankruptcy’s being announced daily.